The Central Board of Direct Taxes (CBDT) announced an extension for the deadline to file tax audit reports, originally set for September 30, 2024. The new deadline of October 7, 2024, comes in response to the challenges faced by taxpayers with electronic submissions under the Income Tax Act. The extension benefits a wide range of taxpayers and is seen as a significant relief for those struggling with the complexities of the filing process. The CBDT's decision was prompted by reports of technical difficulties and invokes its authority to extend the submission date for all affected taxpayers.
Tax Audit Due Date Extended: Background and FAQs
Background
The Central Board of Direct Taxes (CBDT), the apex body responsible for administering income tax in India, has been extending the deadline for filing tax audit reports in recent years. In the past, the deadline was extended several times, including in 2020 and 2022, due to factors such as the COVID-19 pandemic and technical difficulties.
Current Extension
On September 29, 2024, the CBDT announced a further extension of the tax audit due date. The new deadline is October 7, 2024, for all taxpayers required to file an audit report under Section 44AB of the Income Tax Act.
The CBDT's decision was based on the challenges faced by taxpayers with electronic submissions. According to reports, many taxpayers experienced technical difficulties while attempting to file their audit reports online.
Top 5 FAQs
1. Who is required to file a tax audit report?
Under Section 44AB of the Income Tax Act, certain categories of taxpayers are required to file an audit report. These include:
2. What is the purpose of a tax audit?
A tax audit is an independent examination of a taxpayer's financial records to verify the accuracy of their income tax return. The audit is conducted by a Chartered Accountant (CA) or a Cost Accountant.
3. What are the consequences of failing to file an audit report on time?
Failure to file an audit report by the due date can result in the following consequences:
4. Can the tax audit due date be further extended?
The possibility of a further extension is unlikely. The CBDT has already extended the deadline twice in the past year, and further extensions would create uncertainty and disruption for taxpayers.
5. What should taxpayers do if they face technical difficulties while filing their audit report?
Taxpayers experiencing technical difficulties should contact the Income Tax Department helpline (1800-103-0024) or their Chartered Accountant for assistance.
Arfa Javaid, a young and talented content writer from Delhi, has made a name for herself in the writing and editing industry. With her skills and expertise, she has become a published writer on various platforms such as YourQuote, Nojoto, UC News, NewsDog, and jagranjosh.com. Through her hard work and dedication, she has established herself as a top content writer and has become an inspiration for others in the field. Her success story serves as a testament to the growth and opportunities in the writing industry, making her a role model for aspiring writers.
Anant Ambani, the youngest son of India's richest man Mukesh Ambani, will be receiving a significant salary of up to ₹20 crore per year, according to a shareholder notice filed by Reliance Industries. This is in addition to perquisites and allowances, as well as a share of the company's net profits, which will be determined by a committee. Anant, who has a Bachelor's degree from Brown University, is leading the expansion of the company's energy and materials businesses and driving its goal to become a Net Carbon Zero company by 2035.
Hundreds of bike taxi riders in Karnataka have taken to the streets to protest the state government's ban on bike taxi services. The riders are facing financial struggles as they have been stripped of their source of livelihood. Despite submitting letters and staging protests, the government has not yet indicated any policy reversal. However, the Transport Minister has directed strict actions against ride-hailing apps and auto-rickshaw drivers for charging exorbitant rates.
The decision by India to ban the import of certain jute products and woven fabrics via land route has left Bangladeshi exporters reeling, as they say they are the "victims of politics". With the ban, exporting these products to India through sea route would result in a significant increase in cost, in addition to losing their upper hand in the jute export sector. This is the third such ban imposed by India on imports from Bangladesh in three months, causing further uncertainty and inconvenience for exporters.
Oracle's CTO, Larry Ellison, has set his sights on becoming the top player in cloud databases, applications, and data centers. With their strong foothold in the market and growing demand for cloud migration, Ellison believes Oracle is uniquely positioned to achieve this goal. The company's multicloud strategy, specifically designed for AI workloads, has also proved to be a popular choice among customers with a 115% quarter-over-quarter revenue growth. However, the competition in cloud applications, particularly from Salesforce, may pose a challenge for Oracle's ambitious plan.
The farmers in Kerala's Thrissur district are facing a crisis as the state government has failed to fulfill their promises, including timely payment for paddy crops and incentives. The farmers are struggling with a loss of Rs 414 crore due to a decrease in the incentive amount provided by the government. They also demand repairs for crucial infrastructure like regulators and motor pumps, as well as timely availability of quality seeds and fertilizers. The delay in paddy payments is causing loan repayments to be delayed, adding to the farmers' financial burden.
The apparel sector in India has been experiencing significant growth in recent years, but this growth has come with its costs. Forces such as foreign companies, e-commerce, and changing fashion cycles have disrupted the market, leading to an increase in affordable and disposable clothing. As a result, traditional sustainability practices, rooted in local sourcing and durable materials, are being challenged. However, the rise of thrifting, which promotes circularity and challenges the throwaway culture, offers a middle ground between traditional methods and the appeal of fast fashion.
As part of its ongoing efforts to support military veterans and first responders, FOX News Network is offering exclusive deals for its streaming service, Fox Nation. Customers can contact Fox's online representatives for more information or visit their help page FAQ for assistance. Additionally, as part of their privacy policy, Fox is committed to protecting the rights of its customers under the CCPA.
The rapid shift in the cyber insurance landscape from a niche product to a critical business requirement has been driven by the rise in evolving cyber threats, according to Evaa Saiwal, Head of Liability Insurance at Policybazaar for Business. This growth is not just limited to large corporations, but is also being seen among SMEs and emerging sectors. Cyber insurance typically covers financial losses and liabilities resulting from cyber incidents and has two key components - first-party and third-party coverage. As cyber threats become more frequent, integrating cyber insurance with broader cyber risk management strategies will be essential for maintaining business continuity and creating a secure and resilient digital business environment.
Chairman of the Adani Group, Gautam Adani, joined the annual Rath Yatra in Puri, Odisha to participate in the chariot procession of Lord Jagannath, Lord Balabhadra, and Devi Subhadra. His humble seva (service) embodies the philosophy of "Seva hi Sadhana hai" (service is worship) that guides his personal and professional life. This symbolic gesture showcases the convergence of India's spiritual legacy with corporate responsibility, highlighting leadership as a balance between grounding and vision. Along with his presence, Adani Foundation teams also provided various forms of support to the pilgrims, such as distributing free meals and drinks, aiding in sanitation drives, and supporting the beach lifeguards. This commitment to holistic seva is a lived value that embodies the Adani Group's motto of "growth with goodness."